SBI Atal Pension Yojana Calculator

Atal Pension Yojana, an initiative launched by the Government of India in the 2015 Union Budget is a National Pension Scheme primarily targeting the employers in the unorganized sectors of the country. In addition, Atal Pension Yojana also covers the employers in the private sectors who lack pension benefits in their organization. Here is a detailed view of the Atal Pension Yojana focusing on the APY Calculator, how the calculator works, its features, benefits, etc. offered by the State Bank of India.

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58.9 Million
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What is Atal Pension Yojana?

Atal Pension Yojana, as the name suggests, is a National Pension Scheme specially launched keeping in mind individuals working in the unorganized sectors of India. The pension amount is offered to the scheme holders after the age of 60 years and the denominations can be either in Rs. 1,000, Rs. 2,000, Rs. 3,000, Rs. 4,000, or Rs. 5,000 completely depending upon the contributions made throughout the scheme tenure. Managed under the PFRDA (Pension Fund Regulatory and Development Authority), the minimum and maximum age of joining the APY scheme is 18 years and 40 years respectively. After the death of the scheme holder during the pension payment period:

  • The spouse receives the pension amount.

  • Nominee receives the accrued corpus amount after the death of a spouse.

State Bank of India like many other authorized banks offer individuals to open the Atal Pension Yojana account and make monthly contributions. The account holder starts to receive the pension amount after the completion of the retirement age, that is 60 as per the Government rules.

What is SBI Atal Pension Yojana Calculator?

To easily calculate the real interest an account holder is liable to receive after the age of retirement, a miraculous online tool called the SBI Atal Pension Yojana Calculator is used. The APY Calculator can help in:

  • The computation of pension amount receivable at the end of the retirement age.

  • Understanding the age at which an individual should start investing in the scheme to be able to achieve the desired corpus.

  • Knowing the amount of interest an individual should have earned on the pension.

  • Quick and accurate calculations when compared to manual formula.

  • Knowing the future receivable amount in advance can help in planning the financial goals accordingly.

How Does the SBI Atal Pension Yojana Calculator Work?

The following formula is used for the computation of the Atal Pension Yojana:

Atal Pension Yojana = (1 + r/n) n – 1

Here,

  • r = the Rate of Interest

  • n = the number of times interest is compounded in a year

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SBI Atal Pension Yojana Calculation Tables

The pension amount in the SBI Atal Pension Yojana completely depends on 2 main factors:

  • Age of the investor when they started the scheme.

  • Pension amount they are willing to contribute monthly.

The following table will help you understand the monthly contributions one has to make at different age levels to attain the desired pension amount after the age of 60.

Entry Age   Fixed Pension Rs. 1,000 Fixed Pension Rs. 2,000 Fixed Pension Rs. 3,000 Fixed Pension Rs. 4,000 Fixed Pension Rs. 5,000
Returns after Retirement Rs. 1.7 lakhs Rs. 3.4 lakhs Rs. 5.1 lakhs Rs. 6.8 lakhs Rs. 8.5 lakhs
Remaining Investment Tenure Per Month Contribution Per Month Contribution Per Month Contribution Per Month Contribution Per Month Contribution
18 years 42 years Rs. 42 Rs. 84 Rs. 126 Rs. 168 Rs. 210
19 years 41 years Rs. 46 Rs. 92 Rs. 138 Rs. 183 Rs. 228
20 years 40 years Rs. 50 Rs. 100 Rs. 150 Rs. 198 Rs. 248
21 years 39 years Rs. 54 Rs. 108 Rs. 162 Rs. 215 Rs. 269
22 years 38 years Rs. 59 Rs. 117 Rs. 177 Rs. 234 Rs. 292
23 years 37 years Rs. 64 Rs. 127 Rs. 192 Rs. 254 Rs. 318
24 years 36 years Rs. 70 Rs. 139 Rs. 208 Rs. 277 Rs. 346
25 years 35 years Rs. 76 Rs. 151 Rs. 226 Rs. 301 Rs. 376
26 years 34 years Rs. 82 Rs. 164 Rs. 246 Rs. 327 Rs. 409
27 years 33 years Rs. 90 Rs. 178 Rs. 268 Rs. 356 Rs. 446
28 years 32 years Rs. 97 Rs. 194 Rs. 292 Rs. 388 Rs. 485
29 years 31 years Rs. 106 Rs. 212 Rs. 318 Rs. 423 Rs. 529
30 years 30 years Rs. 116 Rs. 231 Rs. 347 Rs. 462 Rs. 577
31 years 29 years Rs. 126 Rs. 252 Rs. 379 Rs. 504 Rs. 630
32 years 28 years Rs. 138 Rs. 276 Rs. 414 Rs. 551 Rs. 689
33 years 27 years Rs. 151 Rs. 302 Rs. 453 Rs. 602 Rs. 752
34 years 26 years Rs. 165 Rs. 330 Rs. 495 Rs. 659 Rs. 824
35 years 25 years Rs. 181 Rs. 362 Rs. 543 Rs. 722 Rs. 902
36 years 24 years Rs. 198 Rs. 396 Rs. 594 Rs. 792 Rs. 990
37 years 23 years Rs. 219 Rs. 436 Rs. 654 Rs. 870 Rs. 1087
38 years 22 years Rs. 240 Rs. 480 Rs. 720 Rs. 957 Rs. 1196
39 years 21 years Rs. 264 Rs. 520 Rs. 792 Rs. 1054 Rs. 1318

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular company or product. The investment risk in the investment portfolio is borne by the policyholder.

Advantages of Using the SBI Atal Pension Yojana Calculator

The main purpose behind the launch of the SBI Atal Pension Yojana Scheme is to help the individual of the unorganized sectors to get pension amounts officially. By using the Atal Pension Yojana Calculator one can get the following advantages:

  • Results of the invested amount can be known instantly.

  • The individual knows the future receivable amount that helps in planning the financial goals.

  • Data can be customized as per preference.

  • Accuracy in results with no manual calculations involved.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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